Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold edged 0.1% higher to close above $1,232 despite rebounding stocks and a rising dollar as geopolitical worries continued to support safe-haven buying.

The Dow rose 1.6% as bargain hunters re-entered the market after yesterday's 2.4% selloff surrendered all its gains for the year. Solid earnings by Microsoft, Intel, and Tesla, among other big names, helped rekindle risk appetite. The S&P 500 picked up 1.9% and Nasdaq jumped nearly 3%.

The dollar rose 0.2% against major rivals, capping gold's gains, as the euro and pound extended their losses. Turmoil over Italy's rejection of EU control over its budget further weighed on common currency, while British PM Theresa May's inability to reach a Brexit agreement with the European Commission over customs raised concerns that her government may lose power through a vote of no confidence.

Gold received support from a weaker-than-expected report of US durable goods, which rose a meager 0.8% last month, less than half of forecasted growth. Excluding defense goods, orders for long-lasting manufactured goods fell 0.6% for the second straight month of declines.

The other precious metals were mixed, with silver slipping 0.3% while platinum inched up less than 0.1% and palladium fell 2.2%.

At the Comex close: December gold rose $1.30 to $1,232.40; December silver slipped 5 cents to $14.63; January platinum picked up 40 cents to $83.90; and December palladium fell $24.70 to 1,087.60 an ounce.